Have staffers at the Securities and Exchange Commission been watching too many episodes of The Sopranos or reruns of The Godfather? That’s what some would infer when tracking the Commission’s recent attack on securities lawyers; after all, when targeting Mafia families, the “feds” often look to target the lawyer or “consigliere” overseeing the Family’s affairs. […]
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Disney Settlement Reiterates Importance Of Disclosure
On Dec. 20, the SEC announced that it had reached a settlement with Walt Disney Company for charges that Disney failed to disclose certain relationships between the company and its directors in 1999 and 2000. According to the SEC, Disney failed to disclose that the company employed three children of its directors, each of whom […]
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SEC Proposes Subtle Changes To Anti-Manipulation Rules
Late last year, the Securities and Exchange Commission issued amendments to Regulation M of the Securities Exchange Act of 1934, which regulates activities by issuers and underwriters while securities are being offered. The rule, originally codified in 1955, was developed to prevent market participants from manipulating the price of an offered security. For example, it […]
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SEC Raises Questions About Timing Of Executive Option Grants
When chipmaker Analog Devices filed its 10-K report on Nov. 30, it announced that the SEC is conducting an inquiry into how the company has granted executive stock options. “We weren’t under any obligation to make the statement,” says Maria Tagliaferro, the company’s director of corporate communications. The company’s legal counsel believes that there may […]